Oil Steady Amid Ongoing Demand Concerns and Global Supply Surplus

Oil prices were largely steady early Thursday after settling at two-week lows in the previous session, pressured by concerns over weak demand and a global supply surplus.اضافة اعلان

Brent crude futures rose two cents, or 0.03%, to $63.54 per barrel by 01:27 GMT, while U.S. West Texas Intermediate (WTI) futures held steady at $59.60 per barrel.

J.P. Morgan noted in a client memo that global oil demand increased by 850,000 barrels per day from the start of the year through November 4, below its earlier forecast of 900,000 barrels per day.

In the previous session, oil prices fell after the U.S. Energy Information Administration (EIA) reported that crude inventories rose by 5.2 million barrels to 421.2 million barrels, compared with expectations of a 603,000-barrel increase.

Global oil prices declined for the third consecutive month in October amid concerns of a supply glut, driven by increased production from OPEC and its allies alongside continued growth from non-OPEC producers.

— Reuters